General Information Company Name: OZ Minerals Limited Stock Code: OZL Website: www.oxiana.com.au Market Cap ($M): 5,977 Equiv. Shares (M): 3,223
Research Report Available
Report price : $16.50 (inc. GST) Research by : Aegis Equities Research
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Current Price Open High Low Last Close Volume Price Movement $ 1.630 $ 1.805 $ 1.805 $ 1.630 $ 1.880 49,127,430 $ -0.250 -13.298 %
Current Broker Consensus Recommendation more Recommendation : Buy Recommendation Date : 23rd Jul 2008 12 Month Target Price (average) : $3.67 Brokers Surveyed : 1
Market Statistics % of Market: 0.5900 % of Sector: 1.0146 Sector: Materials Industry Group: Materials Industry: Metals & Mining
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Company Overview Company Overview OZL is an emerging resources company, focused on optimising: the Sepon gold project and the Khanong copper project in central Laos, Southeast Asia; the major Prominent Hill copper-gold project in South Australia, discovered in 2001; and the polymetallic Golden Grove mine in WA, acquired in mid 2005. Corporate management is based in Melbourne. Other activities include exploration in Thailand, China and other countries, targeting copper, gold and other base metals. Company History OZL acquired 80% of the Sepon gold project in Laos from RIO in 2000, bringing it into production in late 2002. It raised $259M from equity issues in 2003 and 2004 to buy the 20% balance from RIO (US$85M), and then to fund the gold mill expansion (US$30M) and the new Khanong copper project (US$220M). Prominent Hill was acquired through the acquisition of Minotaur Resources for $100M in February 2005 and Golden Grove mine in mid 2005 for $190M. In 2008 it has merged with Zinifex. Differentiating Factor OZL is a medium-sized resources company with 90% ownership of the quality Sepon projects in Laos, which promise good growth in the years ahead. Sepon's current gold and copper reserves and resources are already significant and have the potential to be much larger. OZL is working towards the Prominent Hill project in South Australia, the best copper-gold discovery in Australia in recent years, and is now seeking to optimise the Golden Grove mine. Major Customers & Competitors Gold bullion is produced from Sepon Gold, which is flown from the site to Perth and sold directly into the global gold market. The Copper project produces LME-grade cathode copper for transport to Thailand and other neighbouring countries. Product from Golden Grove is shipped to smelters in the Asian region and other markets and product from Prominent Hill from 2008 will most likely also feed the Asian market.
Financial Summary Year to Dec NPAT Rep $M NPAT1 Adj $M EPS c EPS chg % PER x PER rel All Ords x PER rel Sector x DPS c Yield % Franking % ROE % 2005A 132 128 9.2 16.5 17.8 0.9 0.8 1.0 0.6 0 32.0 2006A 553 547 36.3 296.0 4.5 0.3 0.3 8.0 4.9 29 69.6 2007A 306 315 19.2 -47.1 8.5 0.6 0.5 8.0 4.9 50 22.8 1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
